![]() That reduction over the course of time will create a significant difference in your overall loan repayment.īorrowing wisely means borrowing only what you need. What would happen if you took $5,000 less per year which is $416 per month? Calculate the difference between what you take out in loans now and reducing the total by $5,000. Remember you are on a student budget, spend like a student. Once you understand your budget better, you should only take out what is needed and return any extra. Use the formula below to calculate simple interest. These loans are usually cheaper than compound interest loans. Most student loans charge simple interest. How do I calculate the amount of interest I will pay for my (student) loans? It is important for you to understand what you are agreeing to when you take out student loans, what student loans can be spent on, and options for repayment. Money borrowed for education is classified as a student loan. This will decrease your monthly loan repayment amount and allow for more financial independence upon leaving MUSC. We want to help you reduce the amount of money taken out in student loans. Remember, anything you do which increases the amount of time it takes to pay your loans back, also increases the amount of interest you pay.The mission of the Office of Financial Literacy is designed to help you decrease your need for as many student loans. The Exit Counseling PowerPoint presentation included on this page will give you more information about the other types of payment plans, and the links section has a link to a payment calculator, which will show you both the estimated amount of your payments on each plan, and the total amount of interest you would pay on each payment plan. You may be eligible for a reduced payment plan, depending on your income, family size and type of loan. The interest rate for each of your loans can be found either on the NSLDS website, or on your student loan servicer’s website (see link section). The interest rate for your loans depends on what kind of loans you have, and when they were first disbursed. At $50 per month, some of your loans may actually be paid in full earlier than 10 years, but all of your loans will be paid in full by the end of 10 years. The standard payment plan is designed to get your loans paid back in a maximum of 10 years, with a minimum payment of $50 per loan. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.įor additional resources including information on repayment options, please visit Inceptia’s Federal Student Loan Overview website. We’ve partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. They may also contact you if your loan(s) become delinquent. Inceptia’s friendly customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. ITI Technical College has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment. You’re not alone when it comes to student loans.
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